Key facts
- Evernorth completed its SPAC merger with Armada Acquisition Corp. II on October 9.
- The company will trade on Nasdaq under the ticker XRPN starting October 12.
- The transaction brings approximately 473 million XRP and $300 million in gross cash proceeds.
- Evernorth plans to invest in the XRP economy by developing infrastructure and new use cases.
- The company aims to support tokenized assets, onchain credit markets, and settlement infrastructure.
- Evernorth's investors include Arrington Capital, SBI Group, Ripple, Pantera Capital, Kraken, and GSR.
Evernorth, a company backed by Ripple, has finalized its merger with Armada Acquisition Corp. II, paving the way for its public debut on the Nasdaq stock exchange. The transaction, structured as a SPAC merger, is expected to see Evernorth begin trading under the ticker XRPN on October 12. The deal brings approximately 473 million XRP and $300 million in gross cash proceeds to the company before expenses.
Arrington XRP Capital Fund sponsored Armada Acquisition Corp. II, and its shareholders approved the deal on September 30. Evernorth's investor base includes prominent names in the crypto space such as Arrington Capital, SBI Group, Ripple, Pantera Capital, Kraken, and GSR. The company's leadership, investors, and members of the XRP ecosystem are anticipated to attend a Nasdaq closing bell ceremony on October 14.
Asheesh Birla, Founder and CEO of Evernorth, stated the company's intention to invest in the XRP economy by developing infrastructure and introducing new use cases, with a goal to grow XRP per share over time. The company's strategy, initially announced in October 2025, involved institutional lending, liquidity provision, and XRP accumulation, with further exploration into decentralized finance and yield-generating activities. Evernorth also plans to support tokenized assets, onchain credit markets, and settlement infrastructure, and intends to participate in XRP Ledger validation, potentially utilizing Ripple's stablecoin RLUSD for DeFi applications.
The Nasdaq listing mandates regular financial disclosures, allowing investors to review Evernorth's XRP holdings, cash position, and operating expenses through company filings. These reports will also detail treasury activities and capital allocation. Michael Arrington, founder of Arrington Capital, commented that Evernorth aims to infuse capital and public company standards into institutional development within the XRP ecosystem, supporting XRP-linked projects and services.